Peoples Advantage and RRHA are making homeownership a reality for all
Programs lowering barriers for mortgage qualification, providing financial assistance to create homeownership in central Virginia
PETERSBURG, VA (July 26, 2023) — Peoples Advantage Federal Credit Union is partnering with Richmond Redevelopment and Housing Authority (RRHA) for a unique twist on comprehensive homeownership in Richmond, Virginia. Peoples Advantage’s Affordable Homeownership Program qualifies residents in Richmond and Petersburg with a credit score as low as 580 within the Community Development
Financial Institution tract. The RRHA homeownership program and lending partners like Peoples Advantage are creating the most comprehensive homeownership program ever!
June was National Homeownership Month, and RRHA ended with a bang by announcing a unique initiative in Richmond, the Commonwealth of Virginia, and the nation on July 11, 2023. People
Advantage’s Chief Lending Officer, Chris Cain, presented the Affordable Homeownership Program through Peoples Advantage during the announcement on July 11.
Both homeownership program benefits include:
• Consistent on-time payment history, rather than credit scores, considered in qualifying for loans
• Down payment assistance
• Closing costs assistance
• Competitive interest rates
“Ensuring affordable homeownership opportunities for individuals and families is at the heart of our mission,” stated Chief Lending Officer, Chris Cain. “Peoples Advantage Affordable Homeownership Program is designed to empower aspiring homeowners with the resources and support they need to achieve their dreams of owning a home. Through this program, we are committed to breaking down barriers and creating pathways to sustainable homeownership, regardless of background or financial circumstances. We believe that everyone deserves a safe and stable place to call home, and we are proud to be a catalyst for positive change in our community. Together, we can make the dream of affordable homeownership a reality for all.”
The Peoples Advantage and RRHA programs are designed to substantially increase homeownership rates for some of Richmond’s low-income families, but with a specific focus on public housing residents.
“RRHA couldn’t be happier about the collaboration between these two great initiatives! Through partnerships like this one we are able to ensure a better quality of life for those in our community and have a positive impact for generations to come,” says RRHA CEO Steven Nesmith.
For more information on the RRHA Homeownership Program visit https://www.rrha.com/housing/.
For more information about Peoples Advantage Federal Credit Union visit https://www.peoplesadvfcu.org/.
About Peoples Advantage Federal Credit Union (PAFCU)
Founded on the principle of people helping people, Peoples Advantage Federal Credit Union believes in the power of the community and aims to empower its members with the financial tools and resources they need to achieve their goals. Located in Petersburg and Richmond, Virginia, the credit union operates on a not-for-profit basis, prioritizing the best interests of its members above all else. As a Community Development Financial Institution, Peoples Advantage Federal Credit Union is member and community focused providing competitive rates, low fees, and personalized financial solutions tailored to individual needs.
